Jlec: Name change, big profits

Casablanca Bourse-listed Jorf Lasfar Electricity Company (Jlec) is to change its name to Taqa Morocco. This reflects its majority ownership by Abu Dhabi National Energy Company (Taqa) and will be formally voted at a 13 October general assembly. Jlec has been making increased profits since its Jorf Lasfar 5&6 coal-fired units came on line in July. Jlec’s gross profit rose by 34% in H1 2014 to exceed MD3,145m ($360m), up from (MD2,347m in Q1 13), driven by lower world coal prices, as well as unit 5 coming into operation. It reported a MD385m net profit for the period.